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Select Committee hears actuarial update, discusses ad hoc COLA and next steps for session
Summary
At an executive session, the Select Committee on Pension Policy received an OSA actuarial update, discussed ad hoc COLA legislation and Pension Funding Council assumptions, and asked staff to circulate updated fiscal notes and materials ahead of the upcoming legislative session.
The Select Committee on Pension Policy’s executive committee heard an actuarial overview and discussed next steps for ad hoc COLA and related pension legislation.
Michael Harbour, actuary for the Office of the State Actuary, told the committee OSA prepares fiscal notes during session and aims to deliver that analysis before fiscal committee hearings. "We will start working on analysis in preparation for session almost immediately," Harbour said, adding that OSA is available to consult with staff and decision-makers but…
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